Regulatory Compliance and Cybersecurity in Financial Systems

Authors

Ajay Benadict Antony Raju

Abstract

Risk management in terms of regulatory compliance and cyber security risks have never been more inter-related than they are today especially in the financial industry where data protection and compliance with set rules are vital. Since the financial systems rely heavily on the digital platform, they are inclined to cybercrimes which lead to various problems that require a strengthened security system against cybercrimes and hacking. Laws like GDPR, PCI DSS & SOX have strict measures for the protection of financial data for any financial institution. From this abstract, one is able to identify that compliance to regulations improves cybersecurity and that, an effective cybersecurity regime also strengthens regulatory compliance. They explore regulations governing the financial systems, the part of compliance in enhancing cybersecurity measures, and the obstacles that the institutions meet in trying to remain compliant in the face of emergingcyber threats. In this way, financial institutions can use regulatory demands as an opportunity for cybersecurity risk management as well as for establishing data protection as a priority, and increase the level of trust from their sides. Hence, we find that both compliance and cybersecurity can be complementary to provide the strength and stability needed in financial systems for the complexity that comes with digital environments.

Keywords

Regulatory Compliance,Cybersecurity, Financial Systems,GDPR, PCI DSS, Data Protection

Regulatory Compliance and Cybersecurity in Financial Systems. Ajay Benadict Antony Raju. 2023. IJIRCT, Volume 9, Issue 4. Pages 1-5. https://www.ijirct.org/viewPaper.php?paperId=2411111